We’ve seen the initial short covering and new buying in many of the names and indices.

DAX..is the one that just missed it’s definable resistance zone near 9760, the level I need to see closes over for a bottom in Europe.

EUR/JPY…is very weak. This shows Dollar buying of the Continentals vs. the Yen.

Translation..I wouldn’t read too much into the Yen strength since it looks to be more a function of the crosses rather than a surrogate Risk off trade.

It’s early in the day. We’ll have to await the afternoon session to see if Equity strength fades after this capital flow.

OIL..has blown it’s wad both ways, although I would say that I think the high is more important than the low for that is the closing upside pivot.

USDA crop report comes out @ 11:00 CDT. I not a huge fan of chasing mid week direction. It’s really going to come down to where they hold if the report is unfavorable.

JJG…32.45 is the support # that would need to hold.